Richard

Richard Teng, the new CEO of Binance, is trying to alleviate concerns among investors and customers in the aftermath of the exchange’s legal troubles with U.S. authorities.
In a <a style="color: #0000ff;" href="https://twitter.com/jconorgrogan/status/1727014343613841443" rel="noopener noreferrer nofollow">post on X</a> (formerly Twitter), Teng emphasized the exchange’s business fundamentals are “very strong.” According to him, Binance is debt-free and boasts strong revenues and profits while maintaining minimal expenses.
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 I backed out Binance Corporate’s crypto holdings from their Proof of Reserves: $6.35B total assets, $3.19B in stablecoins
 Doesn’t include off-chain cash balances or funds held in wallets not in PoR
 Most likely able to pay full $4.3B DoJ fine with 0 crypto asset sales <a href="https://t.co/GK45EwRSPO" rel="noopener noreferrer nofollow">pic.twitter.com/GK45EwRSPO</a>
 — Conor (@jconorgrogan) <a href="https://twitter.com/jconorgrogan/status/1727014343613841443?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 21, 2023</a>
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Teng’s statement was in response to a post by Coinbase’s director, Conor Grogan, discussing Binance’s ability to cover the <a style="color: #0000ff;" href="https://defi-planet.com/2023/11/binance-settles-with-u-s-authorities-agrees-to-pay-4-3-billion-penalty-as-ceo-faces-potential-jail-time/" rel="noopener noreferrer nofollow">full $4.3 billion penalty it incurred after reaching a settlement</a> with the U.S. Department of Justice (DOJ) without the need to liquidate its crypto assets. The U.S. DOJ had accused Binance of violating multiple financial regulations in the country, including operating an unlicensed money transmitter platform.&nbsp;
Earlier, Teng shared the same sentiment in his <a style="color: #0000ff;" href="https://twitter.com/_RichardTeng/status/1727066202047164562" rel="noopener noreferrer nofollow">first message</a> as Binance’s CEO, where he declared the foundation of the exchange is “stronger than ever” and emphasized that his tenure intends to build on this and ensure the exchange achieves its primary mission. He also outlined his focus on reinstating investor confidence, collaborating with regulators, and driving the adoption of Web3.
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 It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.
 We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold…
 — Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1727066202047164562?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 21, 2023</a>
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Teng assumed the CEO position following the departure of Binance’s co-founder, Changpeng Zhao. <a style="color: #0000ff;" href="https://defi-planet.com/2023/11/binance-founder-zhao-steps-down-as-ceo-richard-teng-takes-the-helm-amidst-regulatory-challenges/" rel="noopener noreferrer nofollow">Zhao was heavily involved in the settlement negotiations with U.S. authorities</a> and potentially faces jail terms for alleged complicity in the exchange’s regulatory violations.
Crypto intelligence firm Nansen <a style="color: #0000ff;" href="https://twitter.com/nansen_ai/status/1727101541054824867" rel="noopener noreferrer nofollow">reported</a> that Binance saw net outflows of up to $1 billion after Zhao’s departure as CEO.
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 Over $1B in value has left Binance since the news of <a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@cz_binance</a>‘s departure. This is a combination of prices dropping and liquidity leaving
 However, there remains $65B in Binance’s control at the time of writing. This isn’t the first time Binance has dealt with large outflows <a href="https://t.co/2hvoKwGL9y" rel="noopener noreferrer nofollow">pic.twitter.com/2hvoKwGL9y</a>
 — Nansen <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9ed.png" alt="🧭" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@nansen_ai) <a href="https://twitter.com/nansen_ai/status/1727101541054824867?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 21, 2023</a>
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According to Nansen, despite these withdrawals, Binance’s market value remains substantial, estimated at $64,666,583,162.30. The exchange<a style="color: #0000ff;" href="https://coinmarketcap.com/rankings/exchanges/" rel="noopener noreferrer nofollow"> continues to maintain its leading position</a> in daily trading volume among cryptocurrency platforms.
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/11/binances-new-ceo-richard-teng-reassures-stakeholders-amid-regulatory-challenges-affirms-exchanges-robust-financial-position/">Binance’s New CEO Richard Teng Reassures Stakeholders Amid Regulatory Challenges, Affirms Exchange’s Robust Financial Position</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Binance’s New CEO Richard Teng Reassures Stakeholders Amid Regulatory Challenges, Affirms Exchange’s Robust Financial Position

DeFi Planet

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